The plaintiffs in a lawsuit against the Weyerhaeuser Co. pension fund were dealt a setback when the U.S District Court for Western Washington ruled that the participants had no standing to sue for monetary damages.
Judge Robert Lanik ruled that the participants in the defined benefits plan who filed the suit have standing to collect equitable relief, but not to collect damages. The suit, filed in 2011, alleged that fund managers breached their fiduciary duty by investing in alternative financial vehicles, including hedge funds.
Lanik found the plaintiffs could not show that the alleged misconduct caused them to suffer individual loss.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
